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Metro Brands Raises Rs 410 Crore From Anchor Investors Ahead Of IPO

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The initial share-sale makes up fresh issuance of equity shares worth Rs 295 croreFootwear merchant City Brands Ltd, which is backed by ace financier Rakesh Jhunjhunwala, on Thursday said it has collected a little over Rs 410 crore from anchor financiers ahead of its IPO rollout on Friday.The company has set aside 82.05 lakh equity shares to anchor investors at Rs 500 apiece, taking the overall deal size to Rs 410.25 crore, according to a BSE circular.Societe Generale, Goldman Sachs, Abu Dhabi Financial Investment Authority, HDFC Life Insurance Business, SBI Life Insurance Co Ltd, Tata AIA Life Insurance Coverage Co Ltd, HDFC Mutual Fund (MF), Aditya Birla Sun Life MF, Sundaram MF and ICICI Prudential MF are amongst the anchor investors.The initial share-sale comprises fresh issuance of equity shares worth Rs 295 crore and a sell of 2.14 crore equity shares by promoters and other shareholders.

Through the IPO, the company's promoters will offload almost 10 percent stake.

Currently, the promoters and promoter group hold 84 percent stake in the company.The problem, with a rate band of Rs 485-500 per share, opens for public membership on December 10 and will conclude on December 14.

At the upper end of the price band, the general public issue is anticipated to bring Rs 1,367.5 crore.Proceeds of the fresh issue will be utilized towards expenditure for opening new shops of the company, under the City , Mochi , Pathway and Crocs brands and for general corporate purposes.

At present, the company has 598 stores in 136 cities spread across India.Half of the concern size has been scheduled for qualified institutional purchasers (QIBs), 15 percent for non-institutional investors and 35 per cent for retail investors.

Financiers can bid for a minimum of 30 equity shares and in multiples thereof.The company is an Indian footwear retailer, targeting the economy, mid and premium segments in the footwear market.

It opened its first shop under the City brand in Mumbai in 1955 and has considering that evolved into a one-stop buy all footwear needs.Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead supervisors to the IPO.




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